Shares in Hiscox rose sharply on Friday following reports that the UK-based insurer has become a potential takeover target.

Canada's Intact Financial Corp, a property and casualty insurance company, is reportedly exploring a potential bid for the Lloyd's of London insurer, according to a report from Insurance Post. The speculation drove Hiscox shares to record highs during trading.

Hiscox is listed on the FTSE 100 index and operates as a specialist insurer through Lloyd's of London, focusing on property, marine, energy, and specialty insurance markets.

The reported interest comes amid a wave of overseas acquisition activity targeting British companies this week. Other UK firms have also attracted foreign suitors, suggesting continued international appetite for British businesses.

Neither Hiscox nor Intact Financial have publicly confirmed the reported discussions or provided official comment on any potential transaction. The speculation remains unconfirmed, and it is unclear whether formal negotiations are underway or if a bid will materialize.